INVESTMENT Philosophy

The Sub-Fund is a Feeder of the Master Fund and permanently invests at least eighty-five percent (85%) of its assets in shares of the Master Fund.

The Master Fund will seek to achieve its investment objective by investing in European (excluding the UK) equities of companies in special situations, where it believes the company is considered undervalued. The Master Fund will also invest in other European (excluding the UK) equities to mitigate the volatility of the Master Fund. The Master Fund’s portfolio will be managed on a concentrated basis. The Master Fund will be able to invest without restriction by market cap or sector. The Master Fund may also invest in other transferable securities, units or shares in collective investment schemes, money market instruments, cash and near cash, and deposits.

The use of derivatives is permitted by the Master Fund for efficient portfolio management purposes (including hedging), and borrowing will be permitted under the terms of the applicable laws and/or regulations. On giving 60 days’ notice to shareholders, the Master Fund may, in addition to its other investments powers, use derivatives and forward transaction for investment purposes. It is not intended that the use of derivatives in this way will change the risk profile of the Master Fund.

In addition, the Sub-Fund may hold up to 15% of its assets in ancillary liquid assets such as cash and cash equivalents, including time deposits and money market instruments having an initial or residual maturity of less than 12 months or, pursuant to the conditions of issue governing such securities, with an interest adapted at least annually, according to market conditions.

The Sub-Fund does not intend to invest in financial derivatives instruments and primarily seeks to invest in the Master Fund.

The Sub-Fund will not invest in securities financing transactions, such as securities lending transactions, repurchase and reverse repurchase agreements, buy-sell back or sell-buy back transactions for the purposes of efficient portfolio management, total return swaps or other OTC derivatives.

The performance of the Sub-Fund will be largely dependent upon the performance of the Master Fund. However, the performance of the Sub-Fund might deviate from the performance of the Master Fund, due to, inter alia, cash holding or transaction costs.

Fund Objective

IMPORTANT INFORMATION

The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and investors may not get back the original amount invested. CRUX funds may be higher risk than other funds and past performance is not a guide to future performance. Investments in emerging markets are higher risk and potentially more volatile than those in established markets. CRUX funds may hold a greater percentage of smaller company stocks which can be higher risk than those in larger companies. If you are unsure about the suitability of an investment please consult an authorised financial adviser.

The material within this webpage is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell investments. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. Any views are those of CRUX as at issue, unless stated otherwise, and we do not undertake to advise you as to any change of our views. Forecasts/ estimates are not a reliable indicator of future performance. All information is given in good faith but without any warranty. CRUX does not give investment advice and only provides information on CRUX products.

Further risk information can be found in the Prospectus/Key Investor Information Document which should be read carefully prior to investing and can be obtained by calling 0345 113 6965 or downloaded from the Literature page.

This website is intended for those who access it from within the United Kingdom. If you are accessing the website outside the United Kingdom, your local legislation may not permit us to offer products for you in your own country. If you choose to access the website from a jurisdiction other than the United Kingdom you do so at your own risk and CRUX will not be liable for any breach of local law or regulation that you commit as a result of doing so. None of our products are available to residents of the United States of America, residents within an area subject to its jurisdictions or United States Persons.

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